Joint Tenancy:

The situation where two or more persons are equally owners of a property. Upon the death of one person the ownership reverts to the surviving joint tenant. Most married couples hold title in joint tenancy because the surviving spouse will become the sole owner in the event of the death of their partner.

Tenants in Common:

Similar to joints tenants. All tenants in common share equal property rights except that, upon the death of a tenant in common, that share does not go to the surviving tenants but is transferred to the estate of the deceased tenant. Most business partners will hold title as tenants in common. In the event of death, the interest of the deceased partner will go to their estate, and not to the other business partner.